Starling Bank has been granted approval by the PRA and FCA to offer customers a full range of financial products.
The mobile-only bank can now provide its customers with direct access to financial products, including loans, insurance, mortgages, Isas and other investment products, all from the Starling app.
This is the next step in Starling's plan to use open banking regulations to give financial control back to its customers following its partnerships with companies such as Moneybox, Flux, Yolt and Yoyo Wallet.
These new permissions will enable the bank to deliver the next stage of its marketplace proposition: access to providers of financial services and products within the Starling mobile app.
Anne Boden, CEO of Starling Bank (pictured above), said: â€œThis is a significant milestone in Starling's strategy to develop a market-leading current account and debit card with a marketplace 'app store' that enables our customers to view and select other financial services solutions provided by selected third parties.
â€œI founded Starling to empower consumers to take control of their financial life, and this licence will allow us to provide customers with easy access to products offered by other financial services companies from within the Starling app.
â€œThis gives customers transparency and choice â€“ something which the big banks have kept from them for too long â€“ and having an open API enables us to accommodate a huge diversity of customer requirements through a selection of financial services providers.
â€œFollowing today's regulatory approval, we will soon be introducing new financial service providers to our customers.'
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...
Aldermore supports Quba Solutions with £10m facility
Aldermore has provided a £10m finance facility to Dorchester-based Quba Solutions...
TSB announces new SME banking leadership team
TSB has revealed its new SME banking leadership team as it prepares to launch its business banking proposition later this year...
Paragon Banking Group expects 25% BTL pipeline growth
Paragon Banking Group has announced that its BTL pipeline at 30th September 2018 is expected to be more than 25% higher than the level reported at the same time last year...
Development Bank of Wales moves into new Wrexham HQ
The Development Bank of Wales has opened its new headquarters in Wrexham at Yale Business Village...
Metro Bank announces opening date for Bristol store
Metro Bank has revealed the opening date for its first Bristol store...
Bremer Bank partners with automated lending platform
Bremer Bank has announced that it will be partnering with Numerated to launch an automated lending platform...